Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: The Sheriff on 18 June 2015, 22:31:13
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I can see trouble ahead for large numbers of people....again. How long is it since the biggest financial crash/credit crunch since the Great Depression? 8 years?
I got an email today telling me that my credit card limit had been raised to £13000. My bank have always made £5000 over draught available to use as I please, and last week sent a letter saying that there was a loan waiting for me......£30000 over 60 months at blah blah apr.......just click the button and it's in the account within five minutes. Computer says yes....
That's £48000..........£48000......a very big number which means absolutely nothing to me. Numbers on a page, that's all...............with the potential to ruin our lives. It's sick.
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yeeeah, very sympathetic Steve. (http://images.yuku.com/image/gif/a5126f21c888e21dd7b04899176dd385728b07af_r.gif)
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Oh go on, rub it in! ::) ;D
Obviously, that was not the intention......but I can see how easy it would be for someone to say now, as they said a few short years ago, 'they are offering so I must be able to afford it '.
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yeeeah, very sympathetic Steve. (http://images.yuku.com/image/gif/a5126f21c888e21dd7b04899176dd385728b07af_r.gif)
You weren't quick enough...which is unusual for you :-*
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Nahbuggered that up. Move along move along, nothing to see here :-[ ;D
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It's an interesting one, it has been and continues to be cheap to borrow - does the responsibly (moral) not the legal responsibility that lenders have not rest with the borrower?
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It's an interesting one, it has been and continues to be cheap to borrow - does the responsibly (moral) not the legal responsibility that lenders have not rest with the borrower?
Of course, but my point is that the greedy bastards are at it again and, knowing human nature, they shouldn't be. It's just a vicious circle.....only it's getting to be a very short circle.
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Oh.....and just before I get my head down....I can't afford to borrow £48000.....but they don't care about that...do they? Bastards.
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The only loans I've ever had are student (government) and mortgage, I intend to avoid any others, if I can.
I have a credit card, but that's paid off in full every month. But they offer an ever increasing stupid credit limit.
It's not free money, you are locked in. Bank loans have most freedom I guess, but car HP for example are really bad way to buy.
Best to plan ahead, I'm saving into number of share save schemes. When these mature, that's my pot for new cars. Buy cash, buy only what you can afford with money you have, not what you can borrow.
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The only loans I've ever had are student (government) and mortgage, I intend to avoid any others, if I can.
I have a credit card, but that's paid off in full every month. But they offer an ever increasing stupid credit limit.
It's not free money, you are locked in. Bank loans have most freedom I guess, but car HP for example are really bad way to buy.
Best to plan ahead, I'm saving into number of share save schemes. When these mature, that's my pot for new cars. Buy cash, buy only what you can afford with money you have, not what you can borrow.
:y :y :y :y :y :y :y
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Borrowing has a place, both personally and in business. The main criteria is that you fit their profile. Which they won't know until you apply. Spam doesn't mean you qualify, it just means their trawling. Bit like ppi. They can't possibly know if I have a claim or not, but present that I do so that I contact them.
I know I haven't had ppi, and I know what i can afford to re pay. Or not, as the case may be. Proof is in the application.
Apply Steve, see what they agree.
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Borrowing has a place, both personally and in business. The main criteria is that you fit their profile. Which they won't know until you apply. Spam doesn't mean you qualify, it just means their trawling. Bit like ppi. They can't possibly know if I have a claim or not, but present that I do so that I contact them.
I know I haven't had ppi, and I know what i can afford to re pay. Or not, as the case may be. Proof is in the application.
Apply Steve, see what they agree.
Apply for what exactly? The over draught is there, the credit card limit is there, the pre-approved loan is just a touch of a mouse button away......I've done it before. As usual, you post what you think are the facts, but no......only the what you think are the facts.
Just to prove I'm right, I'll get into severe debt, that'll prove my point. ::)
Edit: just noticed you put they won't know my profile till I apply. Do you think thirty years with the same bank might give them a clue? ;D
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Car finance was the start of a slippery slope for me, nearly ten years ago. I'm still juggling things to sort myself out now. No ones fault but mine, wanting shiny things I couldn't realistically afford, but the credit was there.
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Car finance was the start of a slippery slope for me, nearly ten years ago. I'm still juggling things to sort myself out now. No ones fault but mine, wanting shiny things I couldn't realistically afford, but the credit was there.
It's a hard lesson to learn, but at least you're sorted now and probably a lot wiser for it. :y
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When I was in my late teens and early twenties, I took out two biggish loans. Couldn't afford to pay them back,so didn't. Threw all the letters in the bin and, after a while, they went away.
That doesn't happen in the electronic age though, they can find you.....
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Stuff the banks >:( , vultures all of em ! My monies hidden old style , no not under the bed .
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I can see trouble ahead for large numbers of people....again. How long is it since the biggest financial crash/credit crunch since the Great Depression? 8 years?
I got an email today telling me that my credit card limit had been raised to £13000. My bank have always made £5000 over draught available to use as I please, and last week sent a letter saying that there was a loan waiting for me......£30000 over 60 months at blah blah apr.......just click the button and it's in the account within five minutes. Computer says yes....
That's £48000..........£48000......a very big number which means absolutely nothing to me. Numbers on a page, that's all...............with the potential to ruin our lives. It's sick.
If I pushed it I reckon I am good for about £100 grand, it I called it all in, rather worrying as I am about to take early retirement, and therefore become a pensioner............. :-\ :-\
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Put yourself in the other mans Boots. They are investors. The interest rate has been at an all-time low for years and doesn't look like it will increase for a while. So. Choice 1 is to keep all your dollar in a savings account and see it doing naff all, Choice 2 is to take a fairly safe gamble and lend it to people who can't afford it. Afterall, if you are investing millions in a loan scheme, you would be taking out insurance policies to safeguard your investment.
I was the prime example of an idiot in my early 20's. Bought a house, wandered into Land Of Leather and spent £4k on a Leather suite which was interest free for 4 years. No payment required for 12 months and zero deposit. I'll leave you to guess how that panned out! In fact, no I won't.... I'll tell you. I'm sat on it now, and I haven't paid a penny for it.
Credit is a bad thing - unless your current account is in credit - and that's a good thing.
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After the financial shite I / we was in a few years ago, we have a No credit rule in the house.
There is a credit card in our lasses name sat in the draw with just under 9 grand available. That is there for emergency purposes only and has never ever been touched.
Nowdays, its save and spend only for us :y :y
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As an alternative perspective, I still maintain the borrower must take responsibility - you need to know you can afford to repay and how you will repay if your circumstances change. I was always save save save, then 10 years ago I was very unwell for a couple of year and since have used sensible credit to do a lot now rather than waiting until it maybe too late.
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Fair point well made... At one point I had a monthly debt obligation of nearly £1600 with no mortgage, but was clearing £7-800 a week. Then we had a recession....
Realistically, I should have stopped cabbing a 18 months or so ago, but there we are...
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Fair point well made... At one point I had a monthly debt obligation of nearly £1600 with no mortgage, but was clearing £7-800 a week. Then we had a recession....
So total debt was ~70℅ of your income? Not much room for error. Recession or not.
:(
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Fair point well made... At one point I had a monthly debt obligation of nearly £1600 with no mortgage, but was clearing £7-800 a week. Then we had a recession....
So total debt was ~70℅ of your income? Not much room for error. Recession or not.
:(
No. £7-800 per week is £3000-3300 per month. £1600 is nearer 50%.
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Missed word week, thought that was high.
Good income, so lack of planning ahead? Those figures mean should have able to clear the debt?
Based on those figures, how did you get into this mess? :-\
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Missed word week, thought that was high.
Good income, so lack of planning ahead? Those figures mean should have able to clear the debt?
Based on those figures, how did you get into this mess? :-\
Because the £7-800 a week went missing....the recession was mentioned?
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Wasn,t all this irresponsible lending globally the reason we got into this sh*t in the first place? Short memories or what! >:(
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So no planning ahead then? If clearing that much, should been packing it away for unknowns.
Without a mortgage and living at home, bringing in that amount, need to save while on the good times. Even more so if self employed?
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So no planning ahead then? If clearing that much, should been packing it away for unknowns.
Without a mortgage and living at home, bringing in that amount, need to save while on the good times. Even more so if self employed?
Tunnie, you let your arrogance get the better of you sir. What possible use is this statement, it's done. Where to go from here is the question!
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Trying to understand the background, as previous helpful suggestions were shot down with new information.
If someone offered advice face to face and response was rolling eyes up and saying, prey tell what use is that?
Not very nice is it?
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Trying to understand the background, as previous helpful suggestions were shot down with new information.
If someone offered advice face to face and response was rolling eyes up and saying, prey tell what use is that?
Not very nice is it?
So clearly deliberately antagonistic. That's one thing. But to do so in the face of a request for help is shocking. We all have a wind up now and then, but there a time and a place.
Ultimately... Always be helpful. ALWAYS! Reguardless of what's gone before. You mark yourself out as a nasty individual Tunnie. Noted.
But if you ask me for help, I will do so. Where I can. (I might make a balls or it may not work out as intended, but I will try at least)
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In life, you make your choices and live with the consequences good or bad.
Sometimes you make those choices through ignorance, bad advise, sometimes peer pressure or even out of desperation.
Tunnie, you had a pretty good life upto now and are doing well for yourself. Seriously, I hope it continues for you and your young family bud :)
I haven't got any beef with you BUT Al, as myself and probably quite a few on here has made a few choices over the years which have come back to bite us on the arse big style.
Whether it is money, crime or women we all opps up ;)
Its always easy to say "I told you so" after the fact ;)
The thing about this isn't the how or why, its what you do about it when you realise you have oppsed up :)
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Trying to understand the background, as previous helpful suggestions were shot down with new information.
If someone offered advice face to face and response was rolling eyes up and saying, prey tell what use is that?
Not very nice is it?
So clearly deliberately antagonistic. That's one thing. But to do so in the face of a request for help is shocking. We all have a wind up now and then, but there a time and a place.
Yes he clearly is being.
Give the Merc back to the finance company, take the hit. Sooner that went back the better, you just have falling value of the car, making things worse.
Get 0% APR card(s), to pay off the outstanding amount left.
Always thought these car finance solutions were bad, too many restrictions and high APR rates.
Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts? ::)
Won't bother next time :y
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Go on, keep digging.
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Trying to understand the background, as previous helpful suggestions were shot down with new information.
If someone offered advice face to face and response was rolling eyes up and saying, prey tell what use is that?
Not very nice is it?
So clearly deliberately antagonistic. That's one thing. But to do so in the face of a request for help is shocking. We all have a wind up now and then, but there a time and a place.
Yes he clearly is being.
Give the Merc back to the finance company, take the hit. Sooner that went back the better, you just have falling value of the car, making things worse.
Get 0% APR card(s), to pay off the outstanding amount left.
Always thought these car finance solutions were bad, too many restrictions and high APR rates.
Who, prey tell, is offering £8500 limits on 0% cards for people behind on one or more accounts? ::)
Won't bother next time :y
I'm late to the party here but I read your comments as antagonistic and arrogant too ;) Like Chris (and Al) I've met you and am sure this is not how you meant them but........
As for how you get into this sort of mess... You have had a different kind of upbringing than quite a few of us. At 18 I had to be the breadwinner for my family and Al may well have been in the same boat. As you know he was a Taxi Driver and many licensing authorities have a maximum age for a vehicle... Some are as fussy as saying no older than 6 years! This necessitates new vehicle purchases which most people would need to arrange finance for.
The long and the short of it is that he is in a but of a pickle and needs help/advice (if available) and support, not constant criticism. ;) :y
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My first post on the subject was the suggestion of 0% card, or friends. With car going back ASAP. All helpful I thought? :-\ But got the short reply and rolling eyes.
If you did that face to face, what would reaction be? Not positive.
What happened to. "Thanks for the idea, but because of X Y and Z that cannot be done."
Nope, got a shit reply. :(
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Ok, plain and simple just for Tunnie, have a read and see what pithy observations you can muster from this little lot ::)
All numbers are pound sterling...
1996 3500 loan
1997 refinanced to 6000 loan. 5500 car Hpi. 4000 credit card
1998 refinance car and loan now 12000. Card now 6000.
1999 refinance into 21000 loan.
2000 2500 car Hpi.
2001 17500 marine mortgage
2002 card8000
2005 further 24000 loan 5400 car Hpi
2006 5400 Hpi settled via part ex, 12000 car Hpi.
2007 12000 Hpi settled less 2500 insurance write off. 12500 car Hpi.
2009 car Hpi Vt. Further 10000 loan
2010 24000 paid off
2011 Boat sold marine mortgage settled, card settled, one loan cleared and part of remaining loan cleared.
2012 remaining loan refinanced to 12000
2014 5000 credit card. 12500 car Hpi. Car Hpi settled. 17500 car hpi
2015 10000 car Hpi, being settled as lease purchase arrangement. Remaining Hpi liability 8500, term TBA, (from 17500).
9400 loan outstanding, 28 months left, but 1 month in arrears due to bank being oppsing cants. Two overdrafts... 1250 total and 5000 card.
My total liability is 25150 ish, which cannot be refinanced. Ideally I would add my name and the liability to mothers mortgage, about 40%ltv. At current rates it could be paid off within ten years leaving me mortgage and debt free and guaranteeing a roof over mothers head for the rest of her days. But because my dad totally screwed her over, she would rather lose the house at the end of her current mortgage than secure the property.
So there you go, refinancing to pay bill/debt repayments is bad. Don't do it kids. ;)
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There is obviously a wide range of financial wellbeing on here and very occasionally it shows, a lot will have had good fortune along the way with profits from the housing market, well paid jobs and inheritances which may obscure their perception of how grullingly f'kin hard it can be to make ends meet and get out of any difficulties you get into. Me..i'm borasic lint due to a seperation a few years back and had to start over from scratch and will be paying the price for a few years to come. Debt can be a killer for your self confidence so please tread very carefully when offering opinions on someone in a rut!
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Whilst you're digesting my last post, Tunnie, along with everyone else, I do genuinely appreciate the help and advice being given.
Yes this is my predicament and mine alone, but I appreciate that others have been in the same boat and have the hindsight to offer suitable advice. This isn't a new situation and has been previously discussed elsewhere, so whilst it might seem like I have rubbished some suggestions, far from it, it's simply some suggestions have long since been ruled out, either by subsequent events or by not qualifying for them.
My options as I see them are to carry on paying each item in turn until each liability is settled, or wiping the slate clean via bankruptcy.
I would actually prefer to repay every penny and have the satisfaction of doing so, but my creditors may not see it that way, which could leave me but one option.
The advice given on my original thread has already been informative, helpful and above all reassuring ... As have the various pms that I have received.
It is in times of personal hardship that this forum really comes into its own, far beyond the cars, and inspite of various squabbles and bickering I am proud and humbledto be a part of this community, as should you all be :y
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FWIW, I would continue talking to the creditors firstly to try and avoid bankruptcy. Like you, I feel that my debt is mine to clear. I made the mistake of an IVA style agreement in the past (quite a while back) and it still bites me on the arse occasionally.
My situation changed dramatically when I went long term sick with my back. I lost a very good income and had to start again, having used most of my savings during my extended time off. Since then I have had to finance a new business venture, 4 vehicles (have to be under 5 years old so new was best option with the deal I had) and now have responsibility for several people's lives. If I were to go bankrupt it would be for a six figure sum at present :o :o There's no way I could have financed all of that without credit ;)
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If you speak to Citizens Advice they should be able to give you contact details of a company who work out with you your income/outgoings[as in household bills etc]then they get in touch with creditors to arrange smaller payments[which in some cases can also freeze interest]over a longer period.This service is free to you as the company get their money from your creditors for getting them some kind of repayments.
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If you speak to Citizens Advice they should be able to give you contact details of a company who work out with you your income/outgoings[as in household bills etc]then they get in touch with creditors to arrange smaller payments[which in some cases can also freeze interest]over a longer period.This service is free to you as the company get their money from your creditors for getting them some kind of repayments.
Be careful. There was a big stink over debt management companies not long ago. They arrange to pay your creditors for you, you pay the money to them and they pass it on. Only sometimes they don't or, if they do, they cream a large amount off in fees.
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If you speak to Citizens Advice they should be able to give you contact details of a company who work out with you your income/outgoings[as in household bills etc]then they get in touch with creditors to arrange smaller payments[which in some cases can also freeze interest]over a longer period.This service is free to you as the company get their money from your creditors for getting them some kind of repayments.
But an IVA (which is what you refer to) can be worse than bankruptcy as a solution so seek advice :y
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From experience, citizens advice is a pretty hopeless line, as they're so busy it's too late by the time they get back.
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I hear what you're both saying,I do believe that this company are on the up though,and if you already have an IVA in place they can do nothing for you.In my case I finished up not actually needing to proceed with them as one of my older brothers came to my rescue and bailed me out.Just giving Al yet another possible avenue to explore and hopefully he'll get a satisfactory resolution in the very near future.
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Has anyone mentioned Stepchange, they are one of the leading debt advice charities.
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Has anyone mentioned Stepchange, they are one of the leading debt advice charities.
Indeed :y
It was thaier provisional recommendation which prompted my initial post...
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Ok, plain and simple just for Tunnie, have a read and see what pithy observations you can muster from this little lot ::)
All numbers are pound sterling...
1996 3500 loan
1997 refinanced to 6000 loan. 5500 car Hpi. 4000 credit card
1998 refinance car and loan now 12000. Card now 6000.
1999 refinance into 21000 loan.
2000 2500 car Hpi.
2001 17500 marine mortgage
2002 card8000
2005 further 24000 loan 5400 car Hpi
2006 5400 Hpi settled via part ex, 12000 car Hpi.
2007 12000 Hpi settled less 2500 insurance write off. 12500 car Hpi.
2009 car Hpi Vt. Further 10000 loan
2010 24000 paid off
2011 Boat sold marine mortgage settled, card settled, one loan cleared and part of remaining loan cleared.
2012 remaining loan refinanced to 12000
2014 5000 credit card. 12500 car Hpi. Car Hpi settled. 17500 car hpi
2015 10000 car Hpi, being settled as lease purchase arrangement. Remaining Hpi liability 8500, term TBA, (from 17500).
9400 loan outstanding, 28 months left, but 1 month in arrears due to bank being oppsing cants. Two overdrafts... 1250 total and 5000 card.
My total liability is 25150 ish, which cannot be refinanced. Ideally I would add my name and the liability to mothers mortgage, about 40%ltv. At current rates it could be paid off within ten years leaving me mortgage and debt free and guaranteeing a roof over mothers head for the rest of her days. But because my dad totally screwed her over, she would rather lose the house at the end of her current mortgage than secure the property.
So there you go, refinancing to pay bill/debt repayments is bad. Don't do it kids. ;)
Al my total liability was aprox £80,000 between me and the wife.WE decided to go bankrupt now 7 years on,we could potently have £20,000 in borrowing.As i said before we wont be taking it,but it show there is life after bankruptcy.
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So re-read my replies, apologies if they did come across the wrong way. We've all shared curry or 2 before, driveways ect for work. So you all know me.
I was basing my suggestions on the information made available, which was 2 finance agreements. One for the E Class Merc and one for the Insignia? Perhaps Chris and others previously knew of the issues, so knew more about your situation than I did.
Hence the suggestion of a 0% APR card to pay off anything outstanding, of course having seen the above I see that is no option.
From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?
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From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?
I think the problem would be in settling the difference between handing it back and the value of the vehicle against the amount owed, given that there aren't the funds available to settle that.
I could be wrong, but that's the way I read it.
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From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?
I think the problem would be in settling the difference between handing it back and the value of the vehicle against the amount owed, given that there aren't the funds available to settle that.
I could be wrong, but that's the way I read it.
That is the crux of that part of the problem... clearly, if it were sold for say £14,000 then it would only require £3,300 to clear the agreement. This would be required within seven days... on the other hand, returning it would require me to pay £8,400 to settle my half of the agreement (the finance company taking the car as their £12,000 half), possibly over an extended period of time, and based on what I can afford.
The apparent discrepancy here is that if the agreement is settled by me selling the car, I am rebated the interest from the remainder of the agreement, where as if the car is returned, then I am liable for half of the full agreement.
However, with the car now three, soon to be four payments behind, I have basically run out of time to sell it so it either gets returned or it gets repossessed.
I do not have the car currently, but do know where it is, and am trying to get it returned/arranged to get it collected.
The Insignia is currently leased out, but should be settled fully by the end of July...
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So re-read my replies, apologies if they did come across the wrong way. We've all shared curry or 2 before, driveways ect for work. So you all know me.
I was basing my suggestions on the information made available, which was 2 finance agreements. One for the E Class Merc and one for the Insignia? Perhaps Chris and others previously knew of the issues, so knew more about your situation than I did.
Hence the suggestion of a 0% APR card to pay off anything outstanding, of course having seen the above I see that is no option.
From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?
:y
The plan was to get the E Class sold by the end of January. That didn't happen, and for whatever reason/excuse it still hasn't been sold (or paid for) since... the last payment being February.
There was no Plan B for the Mercedes.
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So re-read my replies, apologies if they did come across the wrong way. We've all shared curry or 2 before, driveways ect for work. So you all know me.
I was basing my suggestions on the information made available, which was 2 finance agreements. One for the E Class Merc and one for the Insignia? Perhaps Chris and others previously knew of the issues, so knew more about your situation than I did.
Hence the suggestion of a 0% APR card to pay off anything outstanding, of course having seen the above I see that is no option.
From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?
:y
The plan was to get the E Class sold by the end of January. That didn't happen, and for whatever reason/excuse it still hasn't been sold (or paid for) since... the last payment being February.
There was no Plan B for the Mercedes.
Wouldn't a Merc dealer take it off you?,presuming its all good with good history or does the Taxi part of the history cloud things a little ???
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Surely someone would take it, guessing no private buyer due the remaining finance. But surely a company could take it off you?
Even if its under market value, surely that would help? :-\
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Surely someone would take it, guessing no private buyer due the remaining finance. But surely a company could take it off you?
Even if its under market value, surely that would help? :-\
Only way a dealer, Mercedes or otherwise, would touch it would be if I part exchanged it. And that would mean a further hp/pcp agreement that a) I am ineligible for, and b) could not afford :-\
Also assumes that the negative equity could be added to the agreement... typically only £1,000 would be allowed :-\
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Al, what's the real market value of the Merc at the moment (based on miles, condition etc) and does that still leave you short on the finance?
If the market value is more than the finance then there's a small chance I might know someone in the market. if it's not then I understand that wouldn't help you one jot, sadly :(
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Can the term with the finance company be adjusted? Longer term for lower payments? Not idea, but perhaps means renting it out for taxi work becomes more viable?
Although you've probably already thought of that.
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Al, what's the real market value of the Merc at the moment (based on miles, condition etc) and does that still leave you short on the finance?
If the market value is more than the finance then there's a small chance I might know someone in the market. if it's not then I understand that wouldn't help you one jot, sadly :(
As I understand it the finance is significantly higher than the value, around £8k? :(
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Balls, that doesn't help, then.
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Value, based on spec/condition/history is probably 15.5-16... That said, prices seem to range from £13-18 :-\
Settlement figure is £17,297 currently... Refinancing car as it is isn't an option as it's in arrears... Have been trying to get the arrears covered, but getting nothing but empty promises.
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So very close then, does Roger Budden to Mercs? :D
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Al, what's the real market value of the Merc at the moment (based on miles, condition etc) and does that still leave you short on the finance?
If the market value is more than the finance then there's a small chance I might know someone in the market. if it's not then I understand that wouldn't help you one jot, sadly :(
As I understand it the finance is significantly higher than the value, around £8k? :(
Vt value, ie finance write off is 12,000
Outstanding agreement value is 20,000
Settlement figure is 17,297 as above
Ideal selling price is the settlement figure...
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ok, not wanting to get this accidently locked.....
My suggestion to help Al....
I guess Stepchange did an income and expenditure with you....with the outcome of surplus cash being a negative number .....
I think I can see you owe £5k to credit card company/s
Write to these with the income/outcome statement and offer them £5/month....they will accept I would imagine....ok you credit history will be shit .....but at least you've reduced that monthly outgoing....if they take you to court, with a negative of surplus cash....the best the judge will do is award them maybe a £1/month... :-\
Just a thought may help :)
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From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?
I think the problem would be in settling the difference between handing it back and the value of the vehicle against the amount owed, given that there aren't the funds available to settle that.
I could be wrong, but that's the way I read it.
That is the crux of that part of the problem... clearly, if it were sold for say £14,000 then it would only require £3,300 to clear the agreement. This would be required within seven days... on the other hand, returning it would require me to pay £8,400 to settle my half of the agreement (the finance company taking the car as their £12,000 half), possibly over an extended period of time, and based on what I can afford.
The apparent discrepancy here is that if the agreement is settled by me selling the car, I am rebated the interest from the remainder of the agreement, where as if the car is returned, then I am liable for half of the full agreement.
However, with the car now three, soon to be four payments behind, I have basically run out of time to sell it so it either gets returned or it gets repossessed.
I do not have the car currently, but do know where it is, and am trying to get it returned/arranged to get it collected.
The Insignia is currently leased out, but should be settled fully by the end of July...
You don't have the car, but know where it is? Fickin sure I'd know where it was too. :o
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;D I might be soft in the head, but I'm not a complete retard* ::)
*Contrary to popular belief :-X
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Right...
The suggestion is that I enter an IVA, proposed at £250 per month... with the alternatives being a Debt Management Plan, again at £250 per month, or Bankruptcy.
The DMP is a free repayment plan, so eventually all my debts will be repaid in full, but will all be defaulted long before that happens... leaving my credit rating in ruins until six years after the last item is settled. Again proposed at £250 per month.
Bankruptcy does exactly what it says on the tin, with discharge after a year and fifteen months on public record from date of Bankruptcy. Credit rating affected for six years from discharge. Potential to pay a monthly amount for upto three years... need to confirm what the amount and time scale would be.
Proposal as it stands is to enter a DMP with Bankruptcy as a Plan B :-\
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That said, there are a few queries to which I am awaiting guidance on...
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Al
Your choice bud and understand why your natural instinct is to pay your way out of this mess.
Believe me, I used to think like that until I finally got my head around the way these financial people think and work.
I run up a hell of a lot of dept because I was a daft @wat with money but kept on top of it because I was working hard and getting paid.
When the world turned to shite 2007 ish, a few people heard on the grapevine that I was struggling with getting the money in so (I believe) these baastards got there heads together and collectively decided to withhold payment which went into thousands >:( >:(
If it went legal, I would win the case no problem so that was my first plan but needed funds to survive / trade.
When I went to my bank manager to seek help via a extended overdraft, the "see you next Tuesday" said he would look into it and get back to me within 48 hour.
Well he got back to me okay >:( >:(
I popped upto the cashpoint till in the morning and it chewed up my card >:(
Walked into the local bank and was told to contact the business centre in Leeds.
Rang the centre and was told my manager would ring me later.
He didn't ring me but later the postman came with a nice letter from him.
The short version is my account was locked, the bank for closed on the business loan and iirc, gave me iirc, 21 days to clear 13 grand ish.
I jumped in the car and drove to Leeds and refused to move until "we had words" >:(
After much pleading and begging, the "see you next Tuesday" went tap tap on his computer and offered me a fresh loan a full 7% higher than the last one to pay the original debt :o >:( >:(
When I questioned that and mentioned bankruptcy, he just leaned back and said we will have 10% of everything you have >:( >:(
That is when my attitude to these @ankers changed for ever.
To the financial system, you are nothing but a customer number who is there to make money from and they don't give a shit about you, your morals or feeling and will bleed you dry without even blinking :(
After some bloody good advise off a friend in the trade who had exactly the same thing happen to him 6 months previous, I pocketed all moneys made for a few month, paid off a couple of wholesalers who I had been with for many years and had always stood be me in times of trouble and banged my bankruptcy petition in via the Royal British Legion's financial expert.
Filled out a declaration with a clerk of the court and sat back and waited for the call from the judge.
Popped in to see him, he read it .............. asked me what my intentions was for the future.
I told him I was going to see out the 12 months. The cheeky git smiled and ask me if I was still going to "do guvvies" ::)
I just smiled ........................
I walked out of there with a smile on my face and dept free ....................
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I had to google that... proper Northern expression ;D
The DMP will give me a chance to get things in order and get my self employment accounts filed. Won't improve my situation significantly, but it will be one less thing to worry about...
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Al
Your choice bud and understand why your natural instinct is to pay your way out of this mess.
Believe me, I used to think like that until I finally got my head around the way these financial people think and work.
I run up a hell of a lot of dept because I was a daft @wat with money but kept on top of it because I was working hard and getting paid.
When the world turned to shite 2007 ish, a few people heard on the grapevine that I was struggling with getting the money in so (I believe) these baastards got there heads together and collectively decided to withhold payment which went into thousands >:( >:(
If it went legal, I would win the case no problem so that was my first plan but needed funds to survive / trade.
When I went to my bank manager to seek help via a extended overdraft, the "see you next Tuesday" said he would look into it and get back to me within 48 hour.
Well he got back to me okay >:( >:(
I popped upto the cashpoint till in the morning and it chewed up my card >:(
Walked into the local bank and was told to contact the business centre in Leeds.
Rang the centre and was told my manager would ring me later.
He didn't ring me but later the postman came with a nice letter from him.
The short version is my account was locked, the bank for closed on the business loan and iirc, gave me iirc, 21 days to clear 13 grand ish.
I jumped in the car and drove to Leeds and refused to move until "we had words" >:(
After much pleading and begging, the "see you next Tuesday" went tap tap on his computer and offered me a fresh loan a full 7% higher than the last one to pay the original debt :o >:( >:(
When I questioned that and mentioned bankruptcy, he just leaned back and said we will have 10% of everything you have >:( >:(
That is when my attitude to these @ankers changed for ever.
To the financial system, you are nothing but a customer number who is there to make money from and they don't give a shit about you, your morals or feeling and will bleed you dry without even blinking :(
After some bloody good advise off a friend in the trade who had exactly the same thing happen to him 6 months previous, I pocketed all moneys made for a few month, paid off a couple of wholesalers who I had been with for many years and had always stood be me in times of trouble and banged my bankruptcy petition in via the Royal British Legion's financial expert.
Filled out a declaration with a clerk of the court and sat back and waited for the call from the judge.
Popped in to see him, he read it .............. asked me what my intentions was for the future.
I told him I was going to see out the 12 months. The cheeky git smiled and ask me if I was still going to "do guvvies" ::)
I just smiled ........................
I walked out of there with a smile on my face and dept free ....................
The only problem with that is it is not the institutions that pay, they will simply pass the costs onto those customers that do repay. I am not criticising you personally, or Al as I don't know anywhere near enough to do so. I am simply highlighting its not a free slush fund.
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The only problem with that is it is not the institutions that pay, they will simply pass the costs onto those customers that do repay.
That happens in any business be it loans, car ins, house ins, in fact anything where businesses charge customers.
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The only problem with that is it is not the institutions that pay, they will simply pass the costs onto those customers that do repay.
That happens in any business be it loans, car ins, house ins, in fact anything where businesses charge customers.
Indeed :y
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Right...
The suggestion is that I enter an IVA, proposed at £250 per month... with the alternatives being a Debt Management Plan, again at £250 per month, or Bankruptcy.
The DMP is a free repayment plan, so eventually all my debts will be repaid in full, but will all be defaulted long before that happens... leaving my credit rating in ruins until six years after the last item is settled. Again proposed at £250 per month.
Bankruptcy does exactly what it says on the tin, with discharge after a year and fifteen months on public record from date of Bankruptcy. Credit rating affected for six years from discharge. Potential to pay a monthly amount for upto three years... need to confirm what the amount and time scale would be.
Proposal as it stands is to enter a DMP with Bankruptcy as a Plan B :-\
You might want to look into that, not sure about the later, but im sure a m8 of mine who went bankrupt...was discharged after 6 months....I asked him about it at the time he told me he'd been discharged....he reckoned they discharge early if its clear you haven't done anything wrong or trying to hide assets :-\
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Apparently bankruptcy is unique to each circumstance... But typically lasts a year... Supplementary payments are not always demanded but could last for anything upto three years from date of filing. So it's clearly at the discrepancy of the Official Receiver.
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The only loans I've ever had are student (government) and mortgage, I intend to avoid any others, if I can.
I have a credit card, but that's paid off in full every month. But they offer an ever increasing stupid credit limit.
It's not free money, you are locked in. Bank loans have most freedom I guess, but car HP for example are really bad way to buy.
Best to plan ahead, I'm saving into number of share save schemes. When these mature, that's my pot for new cars. Buy cash, buy only what you can afford with money you have, not what you can borrow.
I'm with you
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Apparently bankruptcy is unique to each circumstance... But typically lasts a year... Supplementary payments are not always demanded but could last for anything upto three years from date of filing. So it's clearly at the discrepancy of the Official Receiver.
That's right. And their discretion too. :y
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Apparently bankruptcy is unique to each circumstance... But typically lasts a year... Supplementary payments are not always demanded but could last for anything upto three years from date of filing. So it's clearly at the discrepancy of the Official Receiver.
That's right. And their discretion too. :y
:D I clearly had discretionary in my mind ::)
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Apparently bankruptcy is unique to each circumstance... But typically lasts a year... Supplementary payments are not always demanded but could last for anything upto three years from date of filing. So it's clearly at the discrepancy of the Official Receiver.
That's right. And their discretion too. :y
:D I clearly had discretionary in my mind ::)
Sorry, Al. I'm bored and there's nowt ont box.
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Not much happening at work either...
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Not much happening at work either...
That's shit...esp. on nights. Doing nowt makes you knackered and longing for the morning.
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True, but being paid to sit around sure beats sitting around and not being paid ;)
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True, but being paid to sit around sure beats sitting around and not being paid ;)
There is that.
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Whatever happens Al, I hope you get everything sorted and come out smelling of roses in the end :y